Home Business News Bank of America Merrill Lynch reveals gender pay gap

Bank of America Merrill Lynch reveals gender pay gap

27th Mar 18 1:36 pm

While Credit Suisse women are paid 28.9 per cent less on average than men

Just days before the British government deadline of disclosing the gender pay gaps, Bank of America Merrill Lynch and Credit Suisse have reported mean gender pay gaps in their UK operations of 28.7 per cent and 39.2 per cent respectively.

The two banks also reported mean gender bonus gaps of 57.9 per cent and 70.2 per cent respectively.

Credit Suisse disclosed its gender and bonus gaps in a memo seen by Reuters that was sent to all UK staff from UK chief executive and group chief financial officer David Mathers.

“For me, these numbers are disappointing, and while they reflect an improvement, there is clearly much work to be done,” Mathers wrote, referring to the fact that the 2017 median pay gap had improved to 28.9 percent from 31.9 percent in the year prior.

Mathers said that the gap was due to a higher proportion of men in senior roles at the bank.


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